'Whisper' deals on the rise

The appeal of off-market listings — or “whisper” listings, those not formally listed for sale in a multiple listing service — are becoming attractive to a wider pool of buyers and sellers in low-inventory markets because they eliminate the hassle of showing a home to a herd of buyers, allow for more flexible timing for sellers and prevent anxiety for buyers, the New York Times reports.

Traditionally, off-market deals favored higher-priced listings worth multimillions of dollars. Now, more and more properties in the million-dollar range are being traded outside of the MLS, the Times reported.

“There’s more of (off-market deals) now than ever before,” a CEO of a New York brokerage told the Times.

Source: New York Times